Elliott Wave Analysis On EURUSD And AUDUSD

EURUSD

EURUSD found some support earlier at 1.0985 where pair might have accomplished
a five wave decline of a lesser degree, so looks like that new corrective bounce
can be now in play. We will be tracking an A-B-C bounce back to 1.1060-1.1098
area from where downtrend could resume after wave 4) for a new fall down into
wave 5).

EURUSD, 1H

AUDUSD

AUDUSD hit new lows at the start of the European session but bounced quickly
with nearly 60 points, which makes us think that corrective wave 2) is still
coming. An updated count shows a leading diagonal after which we need three
legs up back to 0.7600 area before we may expect a new impulsive leg down.

AUDUSD, 1H

When diagonal triangles occur in the fifth or C wave position, they take
the 3-3-3-3-3 shape that Elliott described. However, it has recently come
to light that a variation on this pattern occasionally appears in the first
wave position of impulses and in the A wave position of zigzags. The characteristic
overlapping of waves one and four and the convergence of boundary lines into
a wedge shape remain as in the ending diagonal triangle. However, the subdivisions
are different, tracing out a 5-3-5-3-5 pattern.

Basic Leading Diagonal Pattern:

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Grega is based in Slovenia and has been involved in markets since 2003. He
is the owner of www.ew-forecast.com,
but before that he was working for Capital Forex Group and TheLFB.com. His
feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com,
Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com,
etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016.
At www.ew-forecast.com he helps clients
and educate them about the Elliott wave prinicple and how to label and track
unfolding patterns in real time. His approach to the markets is mainly technical.
He uses a lot of different methods when analyzing the markets such as candlestick
patterns, MA, technical indicators etc. His specialty however is Elliott Wave
Theory which could be very helpful especially if you know how to use it in
combination with other tools/indicators.

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